Interview Questions Answers in Accounting General

Question { 20661 }

What do you mean by depreciation?

Answer

DEPRECIATION IS A REDUCTION IN THE VALUE OF FIXED ASSETS
BECAUSE OF ITS WEAR AND TEAR FOR NUMBER OF YEARS.

Is This Answer Correct ?

6 Yes

2 No

Question { 14467 }

What are the various methods to depreciate an asset?

Answer

THERE ARE TWO METHODS
1. FIXED INSATLLMENT METHOD/ORIGINAL COST METHOD
2. REDUCING BALANCE METHOD/WRITTEN DOWN VALUE
METHOD/DIMINISHING BALANCE METHOD
THERE IS ONE MORTE WAY OF CALCULATING DEPRECIATION
THAT IS CHANGE IN METHOD.

Is This Answer Correct ?

12 Yes

5 No

Question { 14467 }

What are the various methods to depreciate an asset?

Answer

Is This Answer Correct ?

3 Yes

3 No

Question { Siemens, 18896 }

What do you mean by contingent liability?

Answer

CONTINGENT LIABILITY IS THAT IT IS TO BE PAID OR NOT IN
FUTURE ITMEANS IT MAY ARISE/N

Is This Answer Correct ?

17 Yes

0 No

Question { Siemens, 18896 }

What do you mean by contingent liability?

Answer

CONTINGENT LIABILITY IS THAT IT IS TO BE PAID OR NOT IN
FUTURE ITMEANS IT MAY ARISE/N

Is This Answer Correct ?

9 Yes

1 No

Question { 17323 }

How do you calculate Profit earned per share?

Answer

FOR EG. 1000 SHARES OF RS. 10 EACH IS RS.10000
THEN PROFIT IS RS.2000

PLS SEND ME THE ANSWERS IN MY EMAIL ADDRESS

Is This Answer Correct ?

1 Yes

0 No

Question { 17323 }

How do you calculate Profit earned per share?

Answer

FOR EG. 1000 SHARES OF RS. 10 EACH IS RS.10000
THEN PROFIT IS RS.2000

PLS SEND ME THE ANSWERS IN MY EMAIL ADDRESS

Is This Answer Correct ?

1 Yes

0 No

Question { 14573 }

What are the golden principles of accounting? Give an
example for each.

Answer

THERE ARE THREE GOLDEN PRINCIPLES OF ACCOUNTING
PERSONAL A/C - DEBIT THE RECEIVER
CREDIT THE GIVER
EG: NAME OF A COMPANY/FIRM/PERSON/ETC.

REAL A/C - DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
EG: EXPENSES/ASSETS/CASH/ETC.

NOMINAL A/C - DEBIT ALL EXPENSES/LOSSES
CREDIT ALL INCOMES/GAINS

EG: EXPENSES/INCOMES/INTEREST/COMMISSION/SALARY/ETC.

Is This Answer Correct ?

36 Yes

1 No

Question { 14573 }

What are the golden principles of accounting? Give an
example for each.

Answer

Is This Answer Correct ?

20 Yes

2 No

Question { 9154 }

Contents of a Balance sheet

Answer

LIABILITIES AND ASSETS WHERE WE HAVE
CAPITAL,LOAN,CREDITORS,RESERVES,O/S, BILLS PAYABLE,ETC IN
LIABILITIES AND FIXED ASSETS LIKE PLANT &
MACHINERY ,BUILDING, FURNITURE, CASH BANK BALANCE, BILLS
RECEIVABLE, SUNDRY DEBTORS, CLOSING STOCK,GOODWILL,PREPAID
EXPENSES, ETC.

Is This Answer Correct ?

3 Yes

0 No

Question { 9154 }

Contents of a Balance sheet

Answer

Is This Answer Correct ?

3 Yes

0 No

Question { 18039 }

Why do you prepare a P/L Appropriation a/c?

Answer

TO KNOW THE NET PROFIT OR LOSS IN THE BUSINESS. WHEN THERE
IS ADJUSTMENT STATING THAT SALARY /COMMISSION TO PARTNER,
INTEREST ON CAPITAL, INTEREST ON DRAWINGS THEN WE PREPARE
THE PROFIT & LOSS APPROPRIATION A/C AND TO GET THE ACTUAL
NET PROFIT/LOSS OF THE FIRM/CO./BUSINESS.

Is This Answer Correct ?

11 Yes

6 No

Question { 18039 }

Why do you prepare a P/L Appropriation a/c?

Answer

Is This Answer Correct ?

1 Yes

5 No

Question { Ernst Young, 22028 }

What is working capital?

Answer

working capital is current asset minus current liabilities

Is This Answer Correct ?

7 Yes

0 No

Question { Ernst Young, 22028 }

What is working capital?

Answer

working capital is current asset minus current liabilities

Is This Answer Correct ?

6 Yes

0 No

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